In California if the buyer waives the inspection he/she has a right to do a "information" only inspection. However, they can't cancel because of this inspection. If they do the seller keeps the earnest money
Thanks for the comment David! We've seen some of that up here in MA. Sometimes you see "inspection for informational purposes only." However I've always known it as a gray area. Theoretically the buyer could walk away from the transaction, losing only their earnest money deposit like you said... but I've also been told it might be possible to sue for performance. As a broker it always sounds a little too sketchy to me, so I don't really use it as a strategy on our offers.
This is a sellers’ market. Unless they are foundational issues, do not even think about it! Agents around here are advising buyers to agree to buy a house they can’t afford and negotiate price down after inspection. Want a house with no defects: buy a new house!
Great video! I just recently had a home inspection on a 20 year old 2200sqft shop house. After many minor to medium issues in the report, the only item i asked was to have an hvac tech guy come out and servive the unit, replace the thermostat, and put a cover on an exposed 220v dryer outlet(electrocution hazard). Then i asked the seller to buy a 1 year home warranty ($660) since the air conditioner unit is past it's expected average life expectancy. The house is at $239k, i offered full price and they agreed to pay half of closing costs. I don't feel like i asked too much. I could've asked a ton, based on that home inspection report. But i just stuck to the #1 most probable cost expense item and 1 major safety item thats inexpensive to fix.
Sorry for my late reply, and I agree with your approach! In the end it all comes down to leverage. In my market, single-family homes are in such high demand that the sellers are pretty unlikely to be flexible. They hold all the cards.
Great video, as the owner of a home inspection company for over 20 years, I agree 100% with your approach. I might start showing this video during my Realtor CE classes 😊
I had to fight with my agent about asking for repairs. I ended up having to draft the notice. The seller agreed to everything. I fired the agent. I guess I just have a different approach to life. If it doesn't do what I need, it is not for me. If people are buying houses and waiving inspections, left and right, good for them. I will never. I am just too damn conservative for that.
Thanks for the video. Put in a offer on a house and I'm 100% positive the roof is shot. But the buyer thinks it still has 1/3 of it's life left (although there have been a couple leaks). So if they accept our offer today or tomorrow I'm banking on the inspection to help lower the price. Well I would prefer cash at the sale and I will have someone do it in the next few months or something. Hoping they will be willing to work with us.
It might be worth asking your lender about a "2-1 buydown" after the inspection. It comes in the form of a seller credit, and it can get the first two years of your mortgage payment down. Especially if you're anticipating a little renegotiation, this could be worth exploring!
In California if the buyer waives the inspection he/she has a right to do a "information" only inspection. However, they can't cancel because of this inspection. If they do the seller keeps the earnest money
Thanks for the comment David! We've seen some of that up here in MA. Sometimes you see "inspection for informational purposes only." However I've always known it as a gray area. Theoretically the buyer could walk away from the transaction, losing only their earnest money deposit like you said... but I've also been told it might be possible to sue for performance. As a broker it always sounds a little too sketchy to me, so I don't really use it as a strategy on our offers.
This is a sellers’ market. Unless they are foundational issues, do not even think about it! Agents around here are advising buyers to agree to buy a house they can’t afford and negotiate price down after inspection. Want a house with no defects: buy a new house!
I’m in that process now. Only requesting small items needed by FHA to proceed.
Congrats on the accepted offer! Good luck
Can you do this exact Video but from a seller’s perspective? Selling a fully remodeled home and seller is asking for repair requests. Thx
Great video! I just recently had a home inspection on a 20 year old 2200sqft shop house. After many minor to medium issues in the report, the only item i asked was to have an hvac tech guy come out and servive the unit, replace the thermostat, and put a cover on an exposed 220v dryer outlet(electrocution hazard). Then i asked the seller to buy a 1 year home warranty ($660) since the air conditioner unit is past it's expected average life expectancy. The house is at $239k, i offered full price and they agreed to pay half of closing costs. I don't feel like i asked too much. I could've asked a ton, based on that home inspection report. But i just stuck to the #1 most probable cost expense item and 1 major safety item thats inexpensive to fix.
Sorry for my late reply, and I agree with your approach! In the end it all comes down to leverage. In my market, single-family homes are in such high demand that the sellers are pretty unlikely to be flexible. They hold all the cards.
Great video, as the owner of a home inspection company for over 20 years, I agree 100% with your approach. I might start showing this video during my Realtor CE classes 😊
I very much appreciate that Gary! Where are you teaching CE?
I had to fight with my agent about asking for repairs. I ended up having to draft the notice. The seller agreed to everything. I fired the agent.
I guess I just have a different approach to life. If it doesn't do what I need, it is not for me. If people are buying houses and waiving inspections, left and right, good for them. I will never. I am just too damn conservative for that.
What about windows that are inoperable? My seller mentioned 2 that needed to be repaired. My inspector found 6 in need of repairs.
Thanks for the video. Put in a offer on a house and I'm 100% positive the roof is shot. But the buyer thinks it still has 1/3 of it's life left (although there have been a couple leaks). So if they accept our offer today or tomorrow I'm banking on the inspection to help lower the price. Well I would prefer cash at the sale and I will have someone do it in the next few months or something. Hoping they will be willing to work with us.
It might be worth asking your lender about a "2-1 buydown" after the inspection. It comes in the form of a seller credit, and it can get the first two years of your mortgage payment down. Especially if you're anticipating a little renegotiation, this could be worth exploring!
Good information.
Thank you for watching!
Great video/info Craig!
Thanks so much for watching! Very much appreciated. Your channel is great!
@@powerrealtyadvisors thank you!
Good vid
Thanks for watching! At least with the market turning, there should be fewer inspections waived. Hoping this video can help some people out!
how the market has turned now, lol
Haha yup thankfully we aren't waiving home inspections much these days!